EUR 550 M to Compensate Bulgarian N-Plant Closedown

The European Union (EU) will allot EUR 550 M to compensate the closedown of Bulgaria's Kozloduy nuclear power plant, a state official said Saturday.

Kozloduy's work should be halted by 2007 in order for Bulgaria to be accepted into the EU.

Many local experts fear that the move would be a major holdback for the Bulgarian economy.

But according to Energy Minister Miroslav Sevlievski, closing the Kozloduy plant would not bring Bulgaria's energy producing to an end.

The minister recalled that building a new nuclear power plant in the town of Belene was about to begin.

The project was greenlighted by the Bulgarian Cabinet earlier this week. The next step will be the opening of an international tender for a supplier and constructor. It is expected to be launched within a month, officials said on April 7.

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